Description

Edge of Chaos is a political podcast starring Joe Ryan and Neurotoxin. Its aim is to have a free-flowing discussion of news and current events that also examines the empirical outcomes of public policy, avoiding biases based on ideology and policy intentions. Listener discretion is both advised and encouraged.

Wednesday, February 27, 2013

HERE COMES THE FISCAL CLIFF!

The cliff was supposed to be a combination of tax increases and "drastic" government spending cuts that would adversely impact the economy. Let's examine which of these have been "averted":

- The Bush Tax Cuts were allowed to expire with a minor threshold change.
- The payroll tax cut which gave Americans back 2% of their paychecks that would normally go to Social Se...curity was also allowed to expire.
- The Sequestration cuts are happening, even the government's cheerleader media now admits it. Politicians like John Kerry continue to whine about it although they VOTED for it, but nothing is being done to stop it. 17% from defense, 8% from every other department, here we go. This is expected to also hit the unemployment benefit extensions which were preserved in January.

What exactly does that leave? Just as I said 2 months ago, they made a circus out of one provision - the Bush Tax Cuts, pretended to resolve it, kicked everything else briefly down the road, and claimed success. PATHETIC.

-Toxin

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